Bernie Ecclestone's mother-in-law reportedly was kidnapped in Brazil for ransom from the Formula One racing billionaire, stunning the sports world as the Summer Olympic Games prepared to open in Rio de Janeiro.

Ecclestone's wife is from Brazil and her mother was reportedly kidnapped in Sao Paulo, according to National Public Radio, which added the kidnappers were demanding $37 million.

"Information is scant and local press have said they won't report details in order to protect the victim," according to NRP's Lulu Garcia-Navarro. "NPR contacted the anti-kidnapping police in Brazil, who declined to comment. Kidnapping in Brazil is rare these days, but security across the country has deteriorated on the back of a historic recession."

Last month police protested at Rio de Janeiro's main airport over alleged lack of pay over the past several months. One held a sign reading: "Welcome to Hell. Police and firefighters don't get paid, whoever comes to Rio de Janeiro will not be safe," reported CNN.

Opening ceremonies for the Olympics are set for Aug. 5 with more than 10,000 athletes from around the world expected to compete, according to the Rio Games website.

The BBC News said Ecclestone, 85, is considered one of the most powerful men in sports with an estimated worth of $3.1billion. He married his Fabiana Flosi, 38, in 2012 after divorcing Croatian model Slavica Radic.

According to Veja.com, per the BBC News, the kidnappers want the ransom paid in pounds sterling divided into four bags.

Brazilian authorities and Ecclestone have not commented.

"Born the son of a trawler captain in Suffolk, he built the (Formula One) from a niche competition to a global phenomenon after buying the Brabham Racing team in 1971 and becoming involved with the chassis builders' union," said Forbes magazine, noting that he is the 16th richest man in the United Kingdom.

"Ecclestone became its president in 1978 as the group battled F1's governing body over teams' share of revenues and the sport's now-lucrative TV rights. He eventually took control of F1's governance, and remains in control of day-to-day operations despite selling most of his stake," said Forbes.

Bernie Ecclestone's mother-in-law reportedly was kidnapped in Brazil for ransom from the Formula One racing billionaire, stunning the sports world as the Summer Olympic Games prepared to open in Rio de Janeiro.